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we have a trillion deficit. why are we reducing tax rates at all. let's use it to our deficit reduction rather than lowering rates at the top. >> you know this as i did. when biden kept talking about raising taxes for people making a million or more as opposed to $250,000. >> that's a chuck schumer idea as well coming from new york. >> but all this should tell us is that before people go to the voting boothss, they're not going to know the answers to these questions. everyone would like to know the answers to these questions, but you have professional groups disagreeing about the economic impact of these things. so we don't really know. >> we have more clarity on the spending side where romney has said he wants to limit federal spending which would mean significant reductions in what the federal government does on a whole variety of fronts. even romney has said $500 billion a year in cuts by 2016. so that is a major difference that's out there. >> that's easier said than done as we know from covering congress for many years. >> and big bird is obvio
we have a trillion deficit. why are we reducing tax rates at all. let's use it to our deficit reduction rather than lowering rates at the top. >> you know this as i did. when biden kept talking about raising taxes for people making a million or more as opposed to $250,000. >> that's a chuck schumer idea as well coming from new york. >> but all this should tell us is that before people go to the voting boothss, they're not going to know the answers to these questions. everyone...
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the deficit then was nearly as big and that deficit was almost erased. how did roosevelt do that? created social security and levied heavier taxes, programs for housing and agriculture, put new controls over banks, public utilities and created enormous work relief programs for the unemployed. sounds similar to the president's proposals today, but unlike the last four years fdr saw the unemployment drop, millions of jobs created, gdp jumped, the deficit shrank and the middle class saw a huge expansion that lasted for decades, a building of the middle class that's the envy of the world or used to be. peter, peter morici, can this feat of rebuilding the middle class and reducing the deficit, can that happen again? >> absolutely, but we have to remember that roosevelt inherited a very small government, so expanding it wasn't the rock on the back of the private sector. a more comparable situation was reag reagan's dilemma, inherited an economy with double digit inflation and interest rates and unemployment that peaked at 10.8%, not 10 as mr. obama's did, but hy he took his stimulus in
the deficit then was nearly as big and that deficit was almost erased. how did roosevelt do that? created social security and levied heavier taxes, programs for housing and agriculture, put new controls over banks, public utilities and created enormous work relief programs for the unemployed. sounds similar to the president's proposals today, but unlike the last four years fdr saw the unemployment drop, millions of jobs created, gdp jumped, the deficit shrank and the middle class saw a huge...
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don't raise the deficit. don't raise taxes on the middle class. and don't lower the share of income born by the high income earners. he'll keep saying this $5 trillion plan. it's been discredited by six other studies and their own deputy campaign manager acknowledged it wasn't correct. >> let's talk about this 20%. you have refused to offer specifics on how you pay for that 20% across the board tax cut. do you actually have the specifics or are you still working on it and that's why you won't tell voters? >> different than this administration, we want to have big bipartisan agreements. see, i understand -- >> do you have the specifics, do you have the -- >> that would be the first in a republican congress. >> look at what ronald reagan and tip o'neill did. they worked together to broaden the base and lower tax rates. what we're saying is, here is our frame work. lower taxes 20%. 1.1 million in loopholes and deductions. deny those loopholes and deductions to higher-income taxpayers so more income is taxed, which has a broader base of taxation. and
don't raise the deficit. don't raise taxes on the middle class. and don't lower the share of income born by the high income earners. he'll keep saying this $5 trillion plan. it's been discredited by six other studies and their own deputy campaign manager acknowledged it wasn't correct. >> let's talk about this 20%. you have refused to offer specifics on how you pay for that 20% across the board tax cut. do you actually have the specifics or are you still working on it and that's why you...
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finally let's take a look at the deficit. romney is planning to cut a lot more than funding to big bird and pbs. his plans include repealing obama care, reducing foreign aide and privatizing amtrak. you may notny that's that big of a deal. i use it all the time. romney says privatizing it will save $1.3 billion. the budget is made up a lot of small things. however he does it, his goal is to reduce government spending to 20% of gdp. gdp is the biggest measure of everything we produce in society. he wants to do that by the end 6 his first term. right now government spending is at 25% of gdp. let's shed some more light on what romney's america would look like. kevin hassette is an economic adviser for mitt romney. stevon moore is an editorial writer for "the wall street journal." my good friend christine romans is the host of "your bottom line" right here on cnn. folks, no party or ideological spin today, no using the name obama or the term democrat. pain the me a picture of what the world looks like under romney four years from
finally let's take a look at the deficit. romney is planning to cut a lot more than funding to big bird and pbs. his plans include repealing obama care, reducing foreign aide and privatizing amtrak. you may notny that's that big of a deal. i use it all the time. romney says privatizing it will save $1.3 billion. the budget is made up a lot of small things. however he does it, his goal is to reduce government spending to 20% of gdp. gdp is the biggest measure of everything we produce in society....
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don't raise the deficit. don't raise taxes on the middle class. and don't lower the share of income born by the high income earners. he'll keep saying this $5 trillion plan. it's been discredited by six other studies and their own deputy campaign manager acknowledged it wasn't correct. >> let's talk about this 20%. you have refused to offer specifics on how you pay for that 20% across the board tax cut. do you actually have the specifics or are you still working on it and that's why you won't tell voters? >> different than this administration, we want to have big bipartisan agreements. see, i understand -- >> do you have the specifics, do you have the -- >> that would be the first in a republican congress. >> look at what ronald reagan and tip o'neill did. they worked together to broaden the base and lower tax rates. what we're saying is, here is our frame work. lower tax rates 20%. we raise about $1.2 trillion through income taxes. we forego about $1.1 trillion in loopholes and deductions. so what we're saying is deny those so that more of their
don't raise the deficit. don't raise taxes on the middle class. and don't lower the share of income born by the high income earners. he'll keep saying this $5 trillion plan. it's been discredited by six other studies and their own deputy campaign manager acknowledged it wasn't correct. >> let's talk about this 20%. you have refused to offer specifics on how you pay for that 20% across the board tax cut. do you actually have the specifics or are you still working on it and that's why you...
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that means the deficit would rise by $6.7 trillion. it's a good first step, but budget experts say that's still too high. mitt romney, meanwhile, has focused on the cuts. his economic plan, 55% of it cap spending at 20% gdp but his plan avoid cutting from defense. mitt romney says he would approve a balanced budget plan that only spends as much as it takes in, and he would also pursue entitlement reform. mitt romney's issues are taxes. romney's plan called for a 20% tax cut across the board. he said he would balance the loopholes and he said he would take care of the middle class family. but it's impossible to lower rates without taking money from low and middle income families. his plan would leave debt at 85% gdp by the end of the decade. we've been telling you also about the fiscal cliff. budget cuts will take place at the beginning of next year unless congress acts. president obama or president romney will need to worry about a rescisicessionrecession. they won't need to worry about a deficit. it would fall this year if we fell off
that means the deficit would rise by $6.7 trillion. it's a good first step, but budget experts say that's still too high. mitt romney, meanwhile, has focused on the cuts. his economic plan, 55% of it cap spending at 20% gdp but his plan avoid cutting from defense. mitt romney says he would approve a balanced budget plan that only spends as much as it takes in, and he would also pursue entitlement reform. mitt romney's issues are taxes. romney's plan called for a 20% tax cut across the board. he...
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get the deficit under control to avoid a debt crisis. make trade work for america so we can make more things in america. and sell them overseas and champion small businesses. don't raise taxes on small businesses because they're the job creators. he talks about detroit. mitt romney is a car guy. they keep misquoting him. but let me tell you about the mitt romney i know. this is a guy two i was talking to a family in massachusetts the other day. cheryl and mark nixon. their kids were hit in a car crash, four of them, two of them, rob and reed, were paralyzed. the romneys didn't know them. they went to the same church, they never met before. mitt asked if he would come over for christmas. he brought his wife and boys and gifts and later said, i know you're struggling, mark. don't worry about their college, i'll pay for it. when mark told me this story, he -- because you know what, mitt romney doesn't tell these stories. he said it wasn't the cash help. it's that he gafe his time and he has consist enltly. this is a man who gave 30% of his
get the deficit under control to avoid a debt crisis. make trade work for america so we can make more things in america. and sell them overseas and champion small businesses. don't raise taxes on small businesses because they're the job creators. he talks about detroit. mitt romney is a car guy. they keep misquoting him. but let me tell you about the mitt romney i know. this is a guy two i was talking to a family in massachusetts the other day. cheryl and mark nixon. their kids were hit in a...
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you know, who knew he was driving our deficit? so we're going after -- he's decided we're going after big bird and elmo's making a run for the border and oscar's hiding out in the trash can and governor romney wants wall street to run wild again but bring down the hammer on sesame street. look, that is not leadership. that's salesmanship. we can't afford it. we can't afford to double down on top down economics. we can't afford another round of tax cuts for the wealthy. we can't afford to roll back regulations on wall street banks or on insurance companies. we can't afford to gut our investments in education or clean energy or research or technology. that is not a jobs plan. that is not a plan to grow the economy. that is not change. that is a relapse. we have been there. we have tried that. we are not going back. we are moving forward. and that's why i'm running for a second term as president of the united states. >> all right. so there's the president of the united states. you get the point. he's really going after the republican
you know, who knew he was driving our deficit? so we're going after -- he's decided we're going after big bird and elmo's making a run for the border and oscar's hiding out in the trash can and governor romney wants wall street to run wild again but bring down the hammer on sesame street. look, that is not leadership. that's salesmanship. we can't afford it. we can't afford to double down on top down economics. we can't afford another round of tax cuts for the wealthy. we can't afford to roll...
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because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up it yet again. >>> hello. this is george zimmerman. first and foremost, i want to thank you all for visiting the real george zimmerman.com. we relaunched this website to once again thank you, my supporters, my intention was and still is to personally and individually thank you all. however, i wanted to take this opportunity to thank you, the masses. >> george zimmerman thanking his supporters. with me now is his mother,gladys, who asked us to keep her face in shadow to protect her identity and in the studio with me, george zimmerman's brother, robert. welcome to you ag
because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on...
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i will not put in place a deficit thdea tax that adds to the deficit. my plan is not to put in place any tax cut that will add to the deficit. >> we want to look at the facts here, again. mitt romney has not laid out specifics for how he would pay for his tax cut. he says it's by reducing deductions and closing loopholes, but he hasn't said which or how many. so, the verdict here is simply incomplete. we just don't know. >> that was john burrman reporting there for us. one way, though, is that romney has said that he would actually pay for this reduced revenue is by capping itemized deductions, but still so few specifics. i mean, he floated the idea of capping deductions at 17,000 and then floated the idea of capping them at 25,000 or 50,000. don't voters deserve to know and need to know what it is going to be at this point? >> i think he's going to have to give more specifics, certainly. a debate may not be the best platform to give specifics because the answers are supposed to be short and, frankly, randi, he was able to get away with not giving many
i will not put in place a deficit thdea tax that adds to the deficit. my plan is not to put in place any tax cut that will add to the deficit. >> we want to look at the facts here, again. mitt romney has not laid out specifics for how he would pay for his tax cut. he says it's by reducing deductions and closing loopholes, but he hasn't said which or how many. so, the verdict here is simply incomplete. we just don't know. >> that was john burrman reporting there for us. one way,...
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deficits. they both have a little problem with details. but there is a big, i would strike a big contrast if i was mitt romney. i would put a working state on one side and a welfare state on the other side and i would say america would be much, much better if dollars were earned instead of dollars awarded. it is time to stop rewarding our friends and punishing our enemies and having the government treat every american the same, which is a foundational principal of the rule of law. and i think mitt romney has to do more of that. has he been specific with his plan? he laid five out in the debate, which is more than the president did. that's why independents thought mitt romney did very, very well. >> let me ask you about one of the issues where they differ, medicare. that is a big deal in florida romney says he supports vouchers for medicare, a plan that is not very popular. how does play in florida with all those seniors? >> right now in florida, you've got about 12 million registered voters. 36
deficits. they both have a little problem with details. but there is a big, i would strike a big contrast if i was mitt romney. i would put a working state on one side and a welfare state on the other side and i would say america would be much, much better if dollars were earned instead of dollars awarded. it is time to stop rewarding our friends and punishing our enemies and having the government treat every american the same, which is a foundational principal of the rule of law. and i think...
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so it creates a type of deficit disorder. so reading something, you're looking, clicking through, moving on, having five screens open at once. and finally, it is replacing real-life relationships and real-life communication skills. it reduces social intelligence and emotional intelligence, because you're just busy taking in information. >> but won't we adjust? i mean, humans adjust, as time progresses you will adjust to it. >> you will adjust to having more faulty real-life relationships, yes. >> i noticed people used to go to a coffee shop, or a bar, to hang out with people. now, people are chatting on line. is this a real thing? or are we just caught up in this addict society? or an addict nation? because everybody is addicted to something. >> you know it is a new substance to become addicted to. but people who are unable to self-regulate, and experience the withdrawals, it is a very real thing, don. >> so are there people who specialize in the behavior? >> anybody who experiences it can be treated, but look at your own fam
so it creates a type of deficit disorder. so reading something, you're looking, clicking through, moving on, having five screens open at once. and finally, it is replacing real-life relationships and real-life communication skills. it reduces social intelligence and emotional intelligence, because you're just busy taking in information. >> but won't we adjust? i mean, humans adjust, as time progresses you will adjust to it. >> you will adjust to having more faulty real-life...
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but also revenue for folks who are doing very well to help reduce the deficit. because if you don't have one penny more from very wealthy people it means you sock it to everybody else. seniors on medicare pay more. less investment in our kids' education. and that's exactly the romney/ryan budget does. itzhaks it to the middle class and seniors, in order to give these tax breaks to very wealthy people. >> what do you think of the job martha raddatz did? >> i think she did a very good job. never made herself the center of the debate. >> she started off very strong with benghazi. want to play a little bit about what the vice president said about security in benghazi. >> well, we weren't told we want more security. we did not know they wanted more security. >> explain that to me. a lot of the testimony was, in fact, the, the, the government did know. that, that, that the state department was well aware that there were requests for security. doesn't that completely contradict exactly what we just saw in i think it was wednesday's testimony? >> what the vice president
but also revenue for folks who are doing very well to help reduce the deficit. because if you don't have one penny more from very wealthy people it means you sock it to everybody else. seniors on medicare pay more. less investment in our kids' education. and that's exactly the romney/ryan budget does. itzhaks it to the middle class and seniors, in order to give these tax breaks to very wealthy people. >> what do you think of the job martha raddatz did? >> i think she did a very good...
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if congress is bound to kick the can on a decision about cutting spending and deficit control, change the can. come up with a condition for not making a deal that is actually palatable and not horrible for the economy like the current situation that we have. tell me how that would even happen? are there enough people like you and those who you are trying to work with who are actually still in office in washington to hammer out a more perfect compromise? >> i think those kind of people are in the house and the senate. i think they are talking with each other, but the problem is, ali, they're not getting support from their own leaders in the congress, republicans or democrats. they're not getting support from the white house. they're not getting support from the party base who insists on 100% solution in their favor, and the american people, the common-sense americans that i think are in the great majority have to rise up because that's the missing part of the airplane is the middle. the wings are flapping and making their voices heard but the middle is not, and that's got to happen bec
if congress is bound to kick the can on a decision about cutting spending and deficit control, change the can. come up with a condition for not making a deal that is actually palatable and not horrible for the economy like the current situation that we have. tell me how that would even happen? are there enough people like you and those who you are trying to work with who are actually still in office in washington to hammer out a more perfect compromise? >> i think those kind of people are...
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because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. here's your "honk if you had an affair with taylor" yard sign. looks good. [ male announcer ] fedex office. now save 50% on banners. >>> their ideas are old and their ideas are bad and they eliminate the guarantee of medicare. >> here's the problem. they got caught with the hands in the cookie jar taking it out for obama care. >> those are great sound bite, but how do we get to the truth in those comments. paul ryan stuck by his proposals at the debate last night. only he said, partially privatizing medicare will not turn into a vo
because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm...
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happened we've had some creeping candor going on here in terms of the structural debate, structural deficit situation. governor romney made it clear that he's going to have rate cuts but not tax cuts. he's talking about revenue mutual reduction in change. on the other side president obama, this was a dog that didn't bark in effect because usually democrats talk about medicare and social security in a way that indicates they would never do anything about it. president obama to his credit did not do that. so i took some encouraging spin during the debate. >> we're encouraged. >> something that congress can build on. that may give the people in the congress working together a little more ammunition. >> very good. all right. thank you, senator. good to see you as always, senator sam nunn. john king as always. good to see you. and christine romans. coming up next big promiraculous small returns. can political leaders create jobs for our voters around the world or are they being lied to. q and a next with richard quest. to help those affected and to cover cleanup costs. today, the beaches and gul
happened we've had some creeping candor going on here in terms of the structural debate, structural deficit situation. governor romney made it clear that he's going to have rate cuts but not tax cuts. he's talking about revenue mutual reduction in change. on the other side president obama, this was a dog that didn't bark in effect because usually democrats talk about medicare and social security in a way that indicates they would never do anything about it. president obama to his credit did not...
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as far as the tax plan, look, he has said he will not pass a tax plan that is not deficit neutral. he's been very clear about this. his principles are do not change or modify the share of taxes paid at the upper income level, reduce the tax burden on the middle income level, cut rates across the board, particularly so you can create a more welcoming environment for small businesses, reduce the tax burden on small businesses, which are responsible for a disproportionate percentage of employment in this country, and you can do a lot of this by generating growth, getting rid of deductions, getting rid of a lot of the credits, getting rid of a lot of the loopholes and that is the plan he will put forward to congress. >> here's the thing. dan, here's the thing. nobody disputes that he intends to do some of this. what we don't know is how he intends to do it, and the specifics and until we get that, i think barack obama is perfectly entitled at the next two debates to take him on it, say hang on, you're cutting taxes by $5 trillion but what are you actually going to do to make up the $5
as far as the tax plan, look, he has said he will not pass a tax plan that is not deficit neutral. he's been very clear about this. his principles are do not change or modify the share of taxes paid at the upper income level, reduce the tax burden on the middle income level, cut rates across the board, particularly so you can create a more welcoming environment for small businesses, reduce the tax burden on small businesses, which are responsible for a disproportionate percentage of employment...
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we're going to close loopholes, bring down tax rates the and bring down the deficit. >> can you please be more explicit? >> no. >> he said answer this question and answered it this way. women have to do that. you don't say to your husband, maybe we should go out new england weekend. no, you say, hey, we're going to dinner friday night with my sister and her husband, be ready by 7:00 and shave the back of your neck. >> hey, do i sound like jim lehrer? >> no.
we're going to close loopholes, bring down tax rates the and bring down the deficit. >> can you please be more explicit? >> no. >> he said answer this question and answered it this way. women have to do that. you don't say to your husband, maybe we should go out new england weekend. no, you say, hey, we're going to dinner friday night with my sister and her husband, be ready by 7:00 and shave the back of your neck. >> hey, do i sound like jim lehrer? >> no.
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not raise the deficit and not reduce the share of taxes paid by the wealthy. the tax policy center which is an independent nonpartisan group has looked at the number and said those three things cannot be done at the same time, because if you cut taxes by 2 , 20%--so romney still has to explain how all of this would all add up without assuming an elevated level of economic growth which the congressional budget office does not do when they calculate a tax plan. so there's still that question on him and he has not fully answered it. and again, if the math is wrong, i think you need more specifics about what deductions he would remove to show that the math adds up with what he wants to do. >> this tuesday, the contenders square off, 7:00 p.m. eastern time is when our coverage begins and the debate will be moderated by cnn's candy crowley. >>> because of its questionable voter registration tactics in florida, here's cnn's joe johns. >> he's a veteran gop operative who just doesn't seem to go away. just a few weeks ago a wave of bad publicity hit -- disavowed by the
not raise the deficit and not reduce the share of taxes paid by the wealthy. the tax policy center which is an independent nonpartisan group has looked at the number and said those three things cannot be done at the same time, because if you cut taxes by 2 , 20%--so romney still has to explain how all of this would all add up without assuming an elevated level of economic growth which the congressional budget office does not do when they calculate a tax plan. so there's still that question on...
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because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? ♪ ♪ we're lucky, it's not every day you find a companion as loyal as a subaru. love. it's what makes a subaru, a subaru. zoirchgs a space rocket blasted off from cape canaveral last night launching the fist private flight from the international space station. >> liftoff of the space x falcon 9 rocket. launching dragon to the international space station and returning cargo -- >> the unmanned capsule called dragon is on its way to the space station after separating from its rocket. it's carrying 1 240us pounds of cargo. the company has been contracted by nasa to fly a dozen flights to resupply the space station. >>> fearless felix, he is also known as felix baumgartner, and he has gotten to be pretty fearless. he actually is going to jump out of a balloon. this is 23 miles above the earth. this is exactly what he plans to do. the idea is to set a world record for a freefall. he has already tried it from a
because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? ♪ ♪ we're lucky, it's not every day you find a companion as loyal as a subaru. love. it's what makes a subaru, a subaru. zoirchgs a space rocket blasted off from cape canaveral last night launching the fist private flight from the international space station. >> liftoff of the space x falcon 9 rocket....
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>> it wasn't a five-point plan, it was a five-point set of platitudes, he wants to prove training, deficit, and trade. but not how he would. other than what his end goals were. >> interesting, wolf. some of the frustration people had, there weren't lots of specifics in this debate. and, in fact, i know you will talk about the low points. smu professors saying this is the number one debate in terms of the number of low points as scored by the focus group that they've done in the past six years. >> i want to do that right now, erin. the low points of the debate for joe biden and paul ryan. vice president, came around 9:10 p.m. eastern, near the top of the debate. explaining the attack on the u.s. consulate in libya. >> we weren't told we want more security. we didn't know they wanted more security. by the way, at the time, we said exactly what the intelligence community told us, that they knew. that was the assessment. and as the intelligence community changed their view, we made it clear they changed their view. we said we will get to the bottom of this. >> the vice president's lowest momen
>> it wasn't a five-point plan, it was a five-point set of platitudes, he wants to prove training, deficit, and trade. but not how he would. other than what his end goals were. >> interesting, wolf. some of the frustration people had, there weren't lots of specifics in this debate. and, in fact, i know you will talk about the low points. smu professors saying this is the number one debate in terms of the number of low points as scored by the focus group that they've done in the past...
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you have a debt and deficit hawk. do you worry looking ahead about the debt under romney might explode again similarly? >> well, number one, the deficit is the symptom. spending is the disease. i mean, since world war ii, revenues have averaged about 18.5% of the economy. spending is at 20%. now due to the president's policies we have revenue that's gone down due to less economic growth but it's spending that's skyrock skyrocketing. he has it up to almost 25% of the economy and on automatic pilot for 40%. that means middle income families will suffer. >> but why would -- >> it is a spin proven problem. the deficit is the symptom. spending is the disease. you have to take care of the spending side and once again, brooke, if you look at irs data, you will see that revenues actually increased when we brought down rates because we had more economic activity. >> but congressman, why would -- >> -- to your proposition. >> why would the trickle down theory work this time producing record debt two times before? >> because we
you have a debt and deficit hawk. do you worry looking ahead about the debt under romney might explode again similarly? >> well, number one, the deficit is the symptom. spending is the disease. i mean, since world war ii, revenues have averaged about 18.5% of the economy. spending is at 20%. now due to the president's policies we have revenue that's gone down due to less economic growth but it's spending that's skyrock skyrocketing. he has it up to almost 25% of the economy and on...
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deficit totals $1.4 trillion. it exceeded the $4 trillion mark. >>> jack kennedy and paul ryan, perfect together? some things about them that are similar. both young, energetic, vibrant. paul ryan things they have something in common, joe biden not so sure. the republican candidate invoked a camelot era comparison. this time, the issue taxes. >> you can cut tax rates by 20% and preserve important preferences for middle class taxpayers. >> not mathematically possible. >> it's been done before. >> it's never been done before. >> a couple of times. >> never been done before. >> ronald reagan. >> now you're jack kennedy. >> ronald reagan. >> twitter was atwitter about that. that comment got a noticeable reaction from the group of undecided voters i watched during the debate last night. see it blown up there in the bottom of the screen. here is the problem, both kennedy and reagan working in a different time and place. to start, when both kennedy and reagan took office, individual tax rates not even in the ballpark of
deficit totals $1.4 trillion. it exceeded the $4 trillion mark. >>> jack kennedy and paul ryan, perfect together? some things about them that are similar. both young, energetic, vibrant. paul ryan things they have something in common, joe biden not so sure. the republican candidate invoked a camelot era comparison. this time, the issue taxes. >> you can cut tax rates by 20% and preserve important preferences for middle class taxpayers. >> not mathematically possible....
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he said he was going to cut the deficit in half. he doubled it. there's no question if he was going to be re-elect, we would see trillion dollar deficits again and again and again. our marshall debt now is almost the same as our total economy, our gdp. this slows down the economy. it makes it harder for businesses to grow and hire more people and to raise wages. so unlike the president, when i finally get this shot, i will cap federal spending. i will cut federal spend and get us on track to a balanced budget. thereby other differences as well. the government is planning on through obama care cutting medicare for our current retirees by $716 billion. i hi that's wrong. i think we must honor the promise made to our seniors. i will restore that funding and make sure we protect medicare. one more thing i'll mention. the president's budget calls for shrinking our military by hundreds of billions of dollars and then the sequestration idea the white house came up with, cuts it another few hundred billion. the secretary of defense has called those kinds
he said he was going to cut the deficit in half. he doubled it. there's no question if he was going to be re-elect, we would see trillion dollar deficits again and again and again. our marshall debt now is almost the same as our total economy, our gdp. this slows down the economy. it makes it harder for businesses to grow and hire more people and to raise wages. so unlike the president, when i finally get this shot, i will cap federal spending. i will cut federal spend and get us on track to a...
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i am going to blow the deficit up even larger. and by the way, all republicans, almost all republicans nationwide said we want to repeal row-wade and now says actually if you elect me, no chance. >> if we get too much caught up on him being moderate or being conservative, i'm not sure that the democrats taking advantage. where they've taken advantage is show him as someone without a consistent point of view willing to say anything because the president has to be someone who makes tough decisions even when they're unpop ulular. we'll see if that plays out. >> the bottom line he is more conservative than president obama. >> are you sure? >> absolutely. and conservatives know with a mitt romney in the white house they will get more conservative judges in federal positions. they will get -- they probably won't get, you know, the executive orders allowing international funding of abortion. that's the choice. >> that is true. of course that's true. but nobody has a problem with someone changing their mind given new information or a new
i am going to blow the deficit up even larger. and by the way, all republicans, almost all republicans nationwide said we want to repeal row-wade and now says actually if you elect me, no chance. >> if we get too much caught up on him being moderate or being conservative, i'm not sure that the democrats taking advantage. where they've taken advantage is show him as someone without a consistent point of view willing to say anything because the president has to be someone who makes tough...
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it's deficit reduction. and so when for example he talks about increasing military spending, that comes out of the ledger, as well. we need to have a smarter, more substantive debate across the board with more details. >> as opposed to -- i think that's fair. as to opposed what you're going to do with this line item or that line item. >> i think john makes some good and worthwhile points. here's the thing. in 2008, barack obama said i'm going to expand coverage. he did say that he opposed an individual mandate. in the course of legislative horse trading -- but he didn't promise there would never be an individual mandate. and you're going to see different things emerge. if you're talking about something as big and important as the tax deductions that lots of folks depend on, that's going to be -- >> the tax code. >> exactly. you have to do that with congress and have to get folks on board. democrats as well as republicans on board. >> thanks to both. we appreciate it. let us know what you think. we know a lot
it's deficit reduction. and so when for example he talks about increasing military spending, that comes out of the ledger, as well. we need to have a smarter, more substantive debate across the board with more details. >> as opposed to -- i think that's fair. as to opposed what you're going to do with this line item or that line item. >> i think john makes some good and worthwhile points. here's the thing. in 2008, barack obama said i'm going to expand coverage. he did say that he...
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this week it recorded the biggest straight deficit in four years. why? prices of iron ore and coal are down because of china slowing demand. china's unprecedented rise has brought with it a boon for resource-rich countries. as china's growth slows, the party is going to wind down. even the united states is not immune. i was struck by a report in "the wall street journal" this week that said u.s. exports to china of coal used in steel making grew six fold in 2009. they grew six fold again in 2010. 600% rises. but as china's steel industry faces a loss this year, demand for u.s. coal has slowed. that's contributed to layoffs for hundreds of coal miners in the state of west virginia. thousands of miners will have their penguision and benefits reduced. all of these ripple effects lead back to china. to give you a sense of its important, look at the market for metals. according to the world bank, china's consumption of refined metals has jumped 17 times since 1990. its share of global consumption of these metals jumped from 5% to 41%. over the last decade, wh
this week it recorded the biggest straight deficit in four years. why? prices of iron ore and coal are down because of china slowing demand. china's unprecedented rise has brought with it a boon for resource-rich countries. as china's growth slows, the party is going to wind down. even the united states is not immune. i was struck by a report in "the wall street journal" this week that said u.s. exports to china of coal used in steel making grew six fold in 2009. they grew six fold...
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because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? why not get buried in something other than work? get two times the points on travel, with chase sapphire preferred. >>> dieters, i guess everybody. >> we're always on a diet somewhere. >> what if i told you could lose weight and still have all the foods you love. i know it sounds too good to be true. >> that's exactly what mark mcdonald teaches. so, we sent mark to the grocery store to show us how with moderation you really can have it all. >> so, right now i'm going to edgeicate you, we're going to educate you as we shop with lexi here how to get the foods that you love quickly, efficiently and affordable. when you look at veggies. you want to get a variety of colors because each vegetable provides you with a different level of antioxidants that help protect your selves and keep your bodies healthy. choose the fruits that you love. make sure that they look fresh and, remember, just get enough that will las
because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? why not get buried in something other than work? get two times the points on travel, with chase sapphire preferred. >>> dieters, i guess everybody. >> we're always on a diet somewhere. >> what if i told you could lose weight and still have all the foods you love. i know it sounds too good to be...
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even in the early '80s, the budget deficit was a lot smaller. that's the key reason i'd be concerned. i think tax reform is a good idea. doug is right. we need to have tax reform, but we need tax reform that raises enough revenue to lower tax rates and also goes to reducing future budget deficit because if we don't get the deficits down, lower tax rates aren't going help us. >> and doug, do you think it's fair to say, romney ryan have been saying they think a 3% growth is reasonable. do you think it is? because for in of this math to work out and this whole argument everybody's having about whether they can cut taxes and close enough loopholes, they are counting on economic growth on being part of making up that difference. will it? >> you can't say for sure because good tax policy does t matter. t not the only thing going on out there and you would have to have a displn palestinianed, economic policy. we have a serious threat to the economy from existed and projected debt. it is different from the era of reagan in that debt is not being driven
even in the early '80s, the budget deficit was a lot smaller. that's the key reason i'd be concerned. i think tax reform is a good idea. doug is right. we need to have tax reform, but we need tax reform that raises enough revenue to lower tax rates and also goes to reducing future budget deficit because if we don't get the deficits down, lower tax rates aren't going help us. >> and doug, do you think it's fair to say, romney ryan have been saying they think a 3% growth is reasonable. do...
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they've got some deficits they need to overcome. i want to go over a couple other numbers. it's all about the honesty and the truthfulness and then the consistency. let's start with the honest and truthful aspect. there you have obama leading romney 44-39 when it comes to just how honest and truthful you think these candidates are. then when it comes to consistency, which the obama campaign has been hammering away on what they perceive as flip-flops, 47-37. that is what some people, hogan, my dear friend, former intern, which i always like to disclose, is a trust deficit. is it? >> well, so much of american politics is based on do i know you, do i trust you and do i like you? those are some damaging numbers for governor romney for sure. but look, the fact of the matter is he crushed president obama in that debate and these numbers are reflecting what a lot of people saw, and that was a stereotype that had been lined out about governor romney that he was some cold heartless businessman. he turned that on its ear. conversely, one of the stereotypes out for president obama is
they've got some deficits they need to overcome. i want to go over a couple other numbers. it's all about the honesty and the truthfulness and then the consistency. let's start with the honest and truthful aspect. there you have obama leading romney 44-39 when it comes to just how honest and truthful you think these candidates are. then when it comes to consistency, which the obama campaign has been hammering away on what they perceive as flip-flops, 47-37. that is what some people, hogan, my...
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social security hasn't contributed one nickel to the deficit, can pay out benefits for the next 20 years. the president should be saying now what he said four years ago. he is not going to cut social security while romney and ryan certainly are. >> would you blame the president himself or his aides and advisers who were supposedly preparing him for this first debate? >> wolf, all of us in public life like to blame our staff when things go bad, but you know what, at the end of the day, it's the president, it's a united states senator, it's a congress person. we've got to take responsibility. the president should have got in there swinging, differentiating what a progressive policy position is as opposed to an extreme right wing one. put romney on the defensive. how dire you give tax breaks to the richest people in this country while we have the most unfair distribution of wealth and income. how dare you throw children off of medicaid when we've got 50 million people without any health insurance today. put him on the defensive instead of saying oh, i agree with you on this. i agree with yo
social security hasn't contributed one nickel to the deficit, can pay out benefits for the next 20 years. the president should be saying now what he said four years ago. he is not going to cut social security while romney and ryan certainly are. >> would you blame the president himself or his aides and advisers who were supposedly preparing him for this first debate? >> wolf, all of us in public life like to blame our staff when things go bad, but you know what, at the end of the...
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the economic crisis, the world crisis, and we lost kind of the jobs that we had created, the budget deficit went up again through the roof, all of those things. but that's why i created also the schwarzenegger institute at usc, so that i can continue on those policies and solve problems in the future, even though i'm out of office. so continuing to be a public servant. >> people have been hard on mitt romney, being rich and successful. what do you think of that? are you surprised that america, the country that gave you the opportunity to become what you are, they would now turn on somebody who has accomplished what they used to call the american dream. >> as you know, john f. kennedy came from a very rich family, but the democrats don't want to talk about that. >> to be honest, i can't take the other side for real. they don't believe that that is a bad thing that he was successful. nor does i think the romney side think sometimes what they accuse obama of. you cannot take this seriously. this is a political year, there's a campaign going on. they will try to do anything they can and especia
the economic crisis, the world crisis, and we lost kind of the jobs that we had created, the budget deficit went up again through the roof, all of those things. but that's why i created also the schwarzenegger institute at usc, so that i can continue on those policies and solve problems in the future, even though i'm out of office. so continuing to be a public servant. >> people have been hard on mitt romney, being rich and successful. what do you think of that? are you surprised that...
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the federal deficit has hit $1.1 trillion now for fiscal 2012. this is the fourth year in a row. that won't help us, that's for sure. our fourth story, developing story, two suspects from tunisia are being questioned tonight in connection with the murders of chris stevens and three other americans. jill daugherty has been digging into the story and is with us tonight. >> well, on this particular incident, we don't know a whole lot of detail, but we know those two men, they are being questioned in turkey. and the understanding is that they were somehow allegedly tied to the attack in libya. now, they were on the watch list that the u.s. compiled. that was given to the turks and the turks picked them up, apparently came into the country this week and the fbi is hoping they will have some type of access to them. >> questioned them already, but would like to have a chance to. >> right. >> there was also another development today in this investigation. this e-mail between the state department and the team benghazi surfaced. what do we know about that? >> well, this is part of, you kno
the federal deficit has hit $1.1 trillion now for fiscal 2012. this is the fourth year in a row. that won't help us, that's for sure. our fourth story, developing story, two suspects from tunisia are being questioned tonight in connection with the murders of chris stevens and three other americans. jill daugherty has been digging into the story and is with us tonight. >> well, on this particular incident, we don't know a whole lot of detail, but we know those two men, they are being...
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because according to experts, he would have to raise taxes on the middle class, or increase the deficit to pay for it. if we can't trust him here, how could we ever trust him here? >> roller coaster week hitting a high note for president obama. the new jobless numbers are easing the pain of his poor debate performance and bring romney's momentum to a sharp stop or it may not. joining me now, "new york times" columnist, nick kristof. let's start with the job figures today. because it's clearly good news for barack obama politically if nothing else. >> not only the numbers today but the revisions for the last two months. we seem to really be on a trajectory and you know, this is going -- apparently what really matters is not the economy for the year but the economy at the moment as people approach the election. people are beginning to vote. >> the good news for barack obama there. not so good news his performance at the debate. common consensus is a bit of a turkey. >> he blew it. >> why did he blow it? he's such a skillful orator usually. >> it's a paradox. he's a skillful communicator a
because according to experts, he would have to raise taxes on the middle class, or increase the deficit to pay for it. if we can't trust him here, how could we ever trust him here? >> roller coaster week hitting a high note for president obama. the new jobless numbers are easing the pain of his poor debate performance and bring romney's momentum to a sharp stop or it may not. joining me now, "new york times" columnist, nick kristof. let's start with the job figures today....
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you write today in the "washington post" that president obama may be the deficit for him was he's out of practice. what do you mean? >> well, look, people have come up with all kinds of explanations, and i particularly like al gore's notion that the altitude was too high for the president. in this case you see almost all incumbent presidents have a difficult time. they spent four years in the white house being cloistered around not challenged bir their aides, by lawmakers or anybody else or the press trying to ask questions. in obama's case that's been difficult because he set all kinds of modern records for avoiding the press, avoiding news conferences and chances to mix it up with the press. when you're not being kept on your toes, getting skeptical, even hostile questions regularly, you get out of practice and those muscles aatrophy. that may have contributed to what he was so flat and sweel see if he can get back into the game of being challenged. >> the flipside to that, romney seizes what he thinks is a great opportunity, the economy. it was like he was in the boardroom, but now
you write today in the "washington post" that president obama may be the deficit for him was he's out of practice. what do you mean? >> well, look, people have come up with all kinds of explanations, and i particularly like al gore's notion that the altitude was too high for the president. in this case you see almost all incumbent presidents have a difficult time. they spent four years in the white house being cloistered around not challenged bir their aides, by lawmakers or...
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because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? why they're always there to talk. i love you, james. don't you love me? i'm a robot. i know. i know you're a robot! but there's more in you than just circuits and wires! uhhh. (cries) a machine can't give you what a person can. that's why ally has knowledgeable people there for you, night and day. ally bank. your money needs an ally. how do you get from here... let's say you want to get ahead in your career. to here? at university of phoenix we're moving career planning forward so you can start figuring that out sooner. in fact, by thinking about where you want your education to lead, while you're still in school, you might find the best route leads somewhere you weren't even looking. let's get to work. >>> i'm frederica wit field in for suzanne malveaux. we're focussing on mitt romney's changing stance on abortion. plus, the wives are more popular than their husbands. could they help sway voters? we're tal
because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? why they're always there to talk. i love you, james. don't you love me? i'm a robot. i know. i know you're a robot! but there's more in you than just circuits and wires! uhhh. (cries) a machine can't give you what a person can. that's why ally has knowledgeable people there for you, night and day. ally bank. your...
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. >> he said but by the end of his first term he would cuff the deficit in half. >> oh! >> and, yet, he still has not put a single credible plan on the table on how to deal with the debt crisis. >> oh, god, i'm sorry. martha, with all due respect, this is a bunch of mularke wr. >> a bunch of bulaey. >> what does that mean? >> ah, it's irish. >> irish is i come over and smack that dumb look off your face. >> pretty funny stuff. the vice presidential debate gave us plenty to talk about and certainly plenty to make fun of, but that was last week's story. this week we'll be talking about whether president obama steps it up. >> good morning, ramdi. the debate anne is well underway, and up next is perhaps the most interesting of the three presidential debates we'll get to see. why? because of the undecided voters asking the questions. >> round from, president obama and mitt romney face off in their second debate wednesday. a town mall moderated by cnn's candy crowley who says the format presents unique challenges for candidates. >> the challenge is they have to connect with pe
. >> he said but by the end of his first term he would cuff the deficit in half. >> oh! >> and, yet, he still has not put a single credible plan on the table on how to deal with the debt crisis. >> oh, god, i'm sorry. martha, with all due respect, this is a bunch of mularke wr. >> a bunch of bulaey. >> what does that mean? >> ah, it's irish. >> irish is i come over and smack that dumb look off your face. >> pretty funny stuff. the vice...